https://www.taxtmi.com/caselaws?id=449771 ITAT Delhi held that a development authority constituted under UP Urban Planning and Development Act, 1973 was entitled to exemption under Section 11. Following Allahabad HC precedent, the tribunal ruled that proviso to Section 2(15) applies only when activities are conducted on commercial lines with profit motive. Since the authority's aims were charitable and no evidence showed commercial operations or deviation from trust objectives, exemption was granted. The matter regarding infrastructure fund taxation was remanded to AO for fresh examination of fund source, control, and utilization obligations. en-us Wed, 07 Feb 2024 00:00:00 +0530 Mon, 19 Feb 2024 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449771 ITAT Delhi held that a development authority constituted under UP Urban Planning and Development Act, 1973 was entitled to exemption under Section 11. Following Allahabad HC precedent, the tribunal ruled that proviso to Section 2(15) applies only when activities are conducted on commercial lines with profit motive. Since the authority's aims were charitable and no evidence showed commercial operations or deviation from trust objectives, exemption was granted. The matter regarding infrastructure fund taxation was remanded to AO for fresh examination of fund source, control, and utilization obligations. Case-Laws Income Tax Wed, 07 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449771